The Telegraph Herald
August 30, 2010
Adam Shepherd and his 4-year-old daughter, Sarah, moved into their new home Saturday, thanks to Shepherd's newly adopted tenacity for saving money through a Dupaco Community Credit Union Individual Development Account (IDA) and a three-for-one matching grant from the Iowa Credit Union Foundation.
Shepherd systematically saved $2,000 during a seven-month period, beginning in November 2009. The Iowa Credit Union Foundation matched $3 for every $1 saved by Shepherd. The combined $8,000 was more than enough for a down payment on a home.
Dupaco made Shepherd a mortgage loan to finalize the purchase.
Through Dupaco's IDA program, a participant's savings are matched by a grant from another organization. Dupaco opens the savings accounts and provides financial education to help ensure the participant's goals are met. The matching funds come from the Iowa Credit Union Foundation, thanks to private grants it has received.
The 33-year-old Shepherd works two full-time jobs. He credited Dupaco with showing him how to effectively budget.
"I knew I was making money," said Shepherd. "But I didn't know where it was going until I started using the program's savings diary.
"I went from a credit-zero to credit maybe."